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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4719 Placed on Calendar Senate (PCS)]
Calendar No. 477
113th CONGRESS
2d Session
H. R. 4719
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 22, 2014
Received; read the first time
July 23, 2014
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``America Gives More Act of 2014''.
SEC. 2. EXTENSION AND EXPANSION OF CHARITABLE DEDUCTION FOR
CONTRIBUTIONS OF FOOD INVENTORY.
(a) Permanent Extension.--Section 170(e)(3)(C) of the Internal
Revenue Code of 1986 is amended by striking clause (iv).
(b) Increase in Limitation.--Section 170(e)(3)(C) of such Code, as
amended by subsection (a), is amended by striking clause (ii), by
redesignating clause (iii) as clause (iv), and by inserting after
clause (i) the following new clauses:
``(ii) Limitation.--The aggregate amount of
such contributions for any taxable year which
may be taken into account under this section
shall not exceed--
``(I) in the case of any taxpayer
other than a C corporation, 15 percent
of the taxpayer's aggregate net income
for such taxable year from all trades
or businesses from which such
contributions were made for such year,
computed without regard to this
section, and
``(II) in the case of a C
corporation, 15 percent of taxable
income (as defined in subsection
(b)(2)(D)).
``(iii) Rules related to limitation.--
``(I) Carryover.--If such aggregate
amount exceeds the limitation imposed
under clause (ii), such excess shall be
treated (in a manner consistent with
the rules of subsection (d)) as a
charitable contribution described in
clause (i) in each of the 5 succeeding
years in order of time.
``(II) Coordination with overall
corporate limitation.--In the case of
any charitable contribution allowable
under clause (ii)(II), subsection
(b)(2)(A) shall not apply to such
contribution, but the limitation
imposed by such subsection shall be
reduced (but not below zero) by the
aggregate amount of such contributions.
For purposes of subsection (b)(2)(B),
such contributions shall be treated as
allowable under subsection
(b)(2)(A).''.
(c) Determination of Basis for Certain Taxpayers.--Section
170(e)(3)(C) of such Code, as amended by subsections (a) and (b), is
amended by adding at the end the following new clause:
``(v) Determination of basis for certain
taxpayers.--If a taxpayer--
``(I) does not account for
inventories under section 471, and
``(II) is not required to
capitalize indirect costs under section
263A,
the taxpayer may elect, solely for purposes of
subparagraph (B), to treat the basis of any
apparently wholesome food as being equal to 25
percent of the fair market value of such
food.''.
(d) Determination of Fair Market Value.--Section 170(e)(3)(C) of
such Code, as amended by subsections (a), (b), and (c), is amended by
adding at the end the following new clause:
``(vi) Determination of fair market
value.--In the case of any such contribution of
apparently wholesome food which cannot or will
not be sold solely by reason of internal
standards of the taxpayer, lack of market, or
similar circumstances, or by reason of being
produced by the taxpayer exclusively for the
purposes of transferring the food to an
organization described in subparagraph (A), the
fair market value of such contribution shall be
determined--
``(I) without regard to such
internal standards, such lack of
market, such circumstances, or such
exclusive purpose, and
``(II) by taking into account the
price at which the same or
substantially the same food items (as
to both type and quality) are sold by
the taxpayer at the time of the
contribution (or, if not so sold at
such time, in the recent past).''.
(e) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply to
contributions made after December 31, 2013, in taxable years
ending after such date.
(2) Limitation; applicability to c corporations.--The
amendments made by subsection (b) shall apply to contributions
made in taxable years beginning after December 31, 2013.
SEC. 3. RULE ALLOWING CERTAIN TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL
RETIREMENTS ACCOUNTS FOR CHARITABLE PURPOSES MADE
PERMANENT.
(a) In General.--Section 408(d)(8) of the Internal Revenue Code of
1986 is amended by striking subparagraph (F).
(b) Effective Date.--The amendment made by this section shall apply
to distributions made in taxable years beginning after December 31,
2013.
SEC. 4. SPECIAL RULE FOR QUALIFIED CONSERVATION CONTRIBUTIONS MODIFIED
AND MADE PERMANENT.
(a) Made Permanent.--
(1) Individuals.--Subparagraph (E) of section 170(b)(1) of
the Internal Revenue Code of 1986 is amended by striking clause
(vi).
(2) Corporations.--Subparagraph (B) of section 170(b)(2) of
such Code is amended by striking clause (iii).
(b) Contributions of Capital Gain Real Property Made for
Conservation Purposes by Native Corporations.--
(1) In general.--Paragraph (2) of section 170(b) of the
Internal Revenue Code of 1986 is amended by redesignating
subparagraph (C) as subparagraph (D), and by inserting after
subparagraph (B) the following new subparagraph:
``(C) Qualified conservation contributions by
certain native corporations.--
``(i) In general.--Any qualified
conservation contribution (as defined in
subsection (h)(1)) which--
``(I) is made by a Native
Corporation, and
``(II) is a contribution of
property which was land conveyed under
the Alaska Native Claims Settlement
Act,
shall be allowed to the extent that the
aggregate amount of such contributions does not
exceed the excess of the taxpayer's taxable
income over the amount of charitable
contributions allowable under subparagraph (A).
``(ii) Carryover.--If the aggregate amount
of contributions described in clause (i)
exceeds the limitation of clause (i), such
excess shall be treated (in a manner consistent
with the rules of subsection (d)(2)) as a
charitable contribution to which clause (i)
applies in each of the 15 succeeding years in
order of time.
``(iii) Native corporation.--For purposes
of this subparagraph, the term `Native
Corporation' has the meaning given such term by
section 3(m) of the Alaska Native Claims
Settlement Act.''.
(2) Conforming amendment.--Section 170(b)(2)(A) of such
Code is amended by striking ``subparagraph (B) applies'' and
inserting ``subparagraph (B) or (C) applies''.
(3) Valid existing rights preserved.--Nothing in this
subsection (or any amendment made by this subsection) shall be
construed to modify the existing property rights validly
conveyed to Native Corporations (within the meaning of section
3(m) of the Alaska Native Claims Settlement Act) under such
Act.
(c) Effective Date.--The amendments made by this section shall
apply to contributions made in taxable years beginning after December
31, 2013.
SEC. 5. EXTENSION OF TIME FOR MAKING CHARITABLE CONTRIBUTIONS.
(a) In General.--Subsection (a) of section 170 of the Internal
Revenue Code of 1986 is amended by redesignating paragraphs (2) and (3)
as paragraphs (3) and (4), respectively, and by inserting after
paragraph (1) the following new paragraph:
``(2) Treatment of charitable contributions made by
individuals before due date of return.--If any charitable
contribution is made by an individual after the close of a
taxable year but not later than the due date (determined
without regard to extensions) for the return of tax for such
taxable year, then the taxpayer may elect to treat such
charitable contribution as made in such taxable year. Such
election shall be made at such time and in such manner as the
Secretary may provide. For purposes of this paragraph, an
individual's distributive share of a partnership's charitable
contribution, and an individual's pro rata share of an S
corporation's charitable contribution, shall not be treated as
charitable contributions made by such individual.''.
(b) Effective Date.--The amendments made by this section shall
apply to elections made with respect to taxable years beginning after
December 31, 2013.
SEC. 6. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON INVESTMENT
INCOME OF PRIVATE FOUNDATIONS.
(a) In General.--Section 4940(a) of the Internal Revenue Code of
1986 is amended by striking ``2 percent'' and inserting ``1 percent''.
(b) Elimination of Reduced Tax Where Foundation Meets Certain
Distribution Requirements.--Section 4940 of such Code is amended by
striking subsection (e).
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
SEC. 7. BUDGETARY EFFECTS.
(a) Statutory Pay-As-You-Go Scorecards.--The budgetary effects of
this Act shall not be entered on either PAYGO scorecard maintained
pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b) Senate PAYGO Scorecards.--The budgetary effects of this Act
shall not be entered on any PAYGO scorecard maintained for purposes of
section 201 of S. Con. Res. 21 (110th Congress).
Passed the House of Representatives July 17, 2014.
Attest:
KAREN L. HAAS,
Clerk.
Calendar No. 477
113th CONGRESS
2d Session
H. R. 4719
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
_______________________________________________________________________
July 23, 2014
Read the second time and placed on the calendar